But if you can find a way to supplement your regular paycheck with a passive income stream, the extra income can allow you to enjoy these simple pleasures again without going into debt. Little luxuries, such as a daily latte or cable TV, are usually the first expenses to be slashed from the budget in an effort to make ends meet. When you’re short of money, financial experts usually advise you to respond by tightening your belt. Having a source of income that isn’t liked to your job offers a variety of benefits, such as: For instance, if you spend a year writing a book and finding a publisher for it, the royalty payments you get from that book’s sales are a form of passive income. You can also earn passive income from a project that you’ve invested your time in, rather than your money. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. Motley Fool Stock Advisor recommendations have an average return of 397%. For example, if you own part of a business but are not actively involved in running that business, your cut of the profits is passive income. In some cases, passive income is money you get from a project that you put money into at the start. Passive income is any money you earn on a regular basis that doesn’t come from a job. Developing a passive income stream often requires a big investment of time, and sometimes money up front – but once it’s in place, you can keep reaping the rewards for years to come. All you need to do is find a source of passive income that works for you. This extra income can pay for a few added luxuries, provide a cash cushion for emergencies, and even serve as a stepping stone to financial independence. That’s because they have sources of “passive income”: money that keeps rolling in even when they’re not on the job. If you work a standard 40-hour week, you’re devoting over 35% of your waking hours to your job – more than you can possibly spend on any other single activity.īut there are other people whose income is not tied to their daily grind – at least, not completely. When you make a new acquaintance, often the first question you’re asked is, “What do you do for a living?” This line makes sense as an icebreaker because work occupies such a central place in our lives.
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